In a dramatic turn of events, Japan's banks watched their international rivals go through turmoil in 2009 and, in some cases, they came to the rescue. Given the difficult market conditions and a squeeze on credit, it was a year when equity capital and MA played an important role.
Nomura's huge presence in both of those markets meant that in 2009 it stood head and shoulders above the pack in the best investment bank category. For the best foreign investment bank award, J.P. Morgan, which benefited somewhat from its rivals' disarray, also had an outstanding year in both equity and MA.
Many of our decisions were incredibly tough and we will give some...
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